The Family Business Association:
A New Organization Representing Family Businesses in California
Why We Need the Family Business Association
Family businesses generate 57% of the nation’s GDP, employ 63% of the workforce and create 75% of all new jobs. California’s 1.4 million family businesses employ 7 million Californians. Family businesses are the backbone of the economy, nationally and in California.
There are organizations through California that assist with many aspects of family business, but there has been no representation of all family businesses at the State Capitol. There has been no organization putting forth legislative initiatives on behalf of all family businesses and no one to fight against bad legislation or regulations that would harm family businesses.
FBA will be a forceful voice for family businesses. California is losing businesses to other states every day, and there must be some incentives created to keep the control of a business in the family and keep the family business in California.
FBA defines a Family Business as follows:
- Ownership control of a privately held enterprise by members of a family or partnership of families
- Strategic influence by family members on the management of the firm, whether by being active in management, by continuing to shape the culture, and/or by serving as board members or advisors
- The desire for continuity and succession across generations